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EUR: Re-test of the 2012 and 2010 lows likely - JPMorgan

FXStreet (Bali) - The EUR bears are in full control for a potential re-test of the 2012 and 2010 lows, a scenario that has become likely, notes Thomas Anthonj, FX Strategist at JP Morgan.

Key Quotes

The defense of the main T-junction at 1.2502 (76.4 %) in EUR/USD opened the door for an internal 4th wave recovery to 1.2959 (int. 38.2 %), where a fresh selling opportunity would be given."

"Failure to clear first resistance at 1.2797 (monthly breakout line) could however be an indication that the internal 3rd wave decline is not done yet, which keeps 1.2418 (wave 3 projection) and 1.2214 (weekly trend) in focus."

"To confirm a straight extension lower and to delay the expected 4th wave recovery it would however take a decisive break below 1.2569 (minor 76.4 %) on hourly close (i.e. below 1.2550)."

"Only a decisive hourly close above 1.2959 (i.e. above 1.2980) would on the other hand start weakening the prevailing down-bias in favor of a stronger recovery to 1.3246 (int. 50 %)

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